Company Formation in Hong Kong: Process, Fees and Documents

Hong Kong is a global business hub known for its strategic location, business-friendly environment, and robust legal framework, making it an attractive destination for entrepreneurs and companies seeking to establish a presence in Asia. The process of company formation in Hong Kong is relatively straightforward, offering numerous advantages, including low tax rates, access to international markets, and simplified administrative procedures. However, to ensure a smooth process, it’s crucial to understand the required company formation documents, fees, and process. This guide will walk you through the necessary steps, the associated costs, and the key documentation required to successfully set up your business in Hong Kong.

Company Formation Process in Hong Kong

The company formation process in Hong Kong is designed to be efficient and straightforward, making it a popular choice for entrepreneurs and businesses worldwide.

1. Choose the Company Type

i) Private Limited Company

To begin, the first step is choosing the type of company, with the most common being a private limited company. This is the most popular choice, offering limited liability to its shareholders, meaning their assets are protected.

ii) Public Limited Company

This type is typically used by larger businesses that want to offer shares to the public or list on the stock exchange. It requires a more complex setup and stricter regulations compared to private limited companies.

iii) Unlimited Company

An unlimited company is a less common option where the liability of shareholders is not limited, meaning they can be personally liable for the company's debts.

iv) Branch Office or Representative Office

Foreign companies can set up a branch office or a representative office in Hong Kong to conduct business. These entities are usually used for companies looking to expand or market their products/services but without forming a separate legal entity.

2. Choose a Company Name

The company formation process in Hong Kong involves several key steps, the second step is choosing a suitable company name. This step is essential, as the name must be unique and not resemble the name of any existing company registered in Hong Kong. The name should also adhere to specific naming guidelines set by the Hong Kong Companies Registry, ensuring that it does not contain prohibited words or phrases. Once a name is selected, it must be approved by the Hong Kong Companies Registry before proceeding to the next stages of registration.

It is also recommended to check the availability of the domain name and trademarks to avoid potential conflicts in the future. Selecting an appropriate company name is an important part of the company formation Hong Kong procedures, as it helps establish the business's identity and credibility in the market.

3. Appointing a Company Secretary

All companies in Hong Kong are required to appoint a company secretary within 6 months of incorporation. The secretary can either be an individual or a corporate entity, provided they are a Hong Kong resident. The company secretary’s responsibility is to ensure the company adheres to legal obligations and keeps accurate records.

4. Prepare Incorporation Documents

Setting up a company in Hong Kong involves essential paperwork, including the Incorporation Form, Articles of Association, and the Notice to the Business Registration Office. These company formation documents outline the structure and operations of your company.

5. Register the Company & Obtain Business Registration Certificate

After preparing the incorporation documents, they must be submitted to the Hong Kong Companies Registry for registration, which can be done either online via the e-services portal or in person at the Registry office.

Once the company is incorporated, obtaining a Business Registration Certificate from the Inland Revenue Department is mandatory for all businesses operating in Hong Kong, no matter their size or type. The application for this certificate can be submitted online or in person, with the certificate typically issued within 2 working days.

6. Set Up a Bank Account for Business

After registering your Hong Kong company, the next step is opening a corporate bank account to manage finances and process payments. Each bank has its own set of requirements, so make sure you have all the necessary documents, including the Certificate of Incorporation, Business Registration Certificate, Articles of Association, and identification for directors and signatories.

Once you've selected a bank and gathered the documents, complete the application form. Some banks may require an initial deposit, and the process can take anywhere from a few days to several weeks, depending on the bank and your business needs.

Read more: Your Guide to Registering a Local Business in Hong Kong

Company Formation Documents in Hong Kong

Once the company name is approved, the required company formation documents must be submitted. Submit the following documents along with the appropriate fees either electronically via the e-Filing Services under the e-Services Portal of Hong Kong Companies Registry or in physical form to the Queensway Government Offices.

1. Incorporation Form: When you are preparing the company formation documents, you need to provide the details of the proposed company name (both in Chinese and English), type of company, and the details about shareholders and directors etc.
2. A copy of the company's Articles of Association: You need to prepare the information of this company formation document, such as the nature of the proposed business, members’ liabilities, liabilities or contributions of members etc.
3. A Notice to the Business Registration Office: You need to include the proposed address of the company’s registered office in Hong Kong, the presenter’s reference, etc.

After completing these steps, the company can be officially registered, and a certificate of incorporation is issued. Finally, businesses need to apply for necessary licenses and open a corporate bank account to begin operations. The company formation process in Hong Kong is typically quick, often completed within a few days, allowing businesses to start their operations with ease.

Company Formation Fees in Hong Kong

Starting from 1 October 2020, the company formation fees (excluding the Business Registration Fee and Levy) for applications to incorporate a local company submitted electronically via the e-Services Portal will be reduced by 10%. Let’s take a look at the following examples which apply to electronic submissions and hard copy submissions:

1. Company Registration Fee (One-Time)

2. Company Secretary Fee

Every company in Hong Kong is required to have a local company secretary. Some company formation service providers offer this service, with costs varying depending on the level of support provided.

3. Registered Office Address

All companies in Hong Kong are required to have a registered address. For businesses that do not have a residential address in Hong Kong, this service can be provided through company formation packages, the company formation fees depend on the type and level of service offered.

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FAQs

The first step is choosing the type of company, secondly, you'll need to choose a suitable company name. Thirdly, you have to appoint a company secretary, as it is a mandatory requirement for all Hong Kong companies to have one. After that, you will prepare the necessary incorporation documents, including the Articles of Association and director information. Once the documents are ready, you will register the company with the Companies Registry and obtain the Business Registration Certificate, which allows legal operation in Hong Kong. Finally, you will need to set up a business bank account to manage your company's financial transactions.

You need to prepare an incorporation form, a copy of the company's Articles of Association, and a notice to the business registration office.

Starting from October 1, 2020, company formation fees for electronic submissions in Hong Kong are reduced by 10%.

For electronic submissions, the incorporation fee for a company with share capital is HK$1,545, with a refundable registration fee of HK$1,280 and a non-refundable lodgment fee of HK$265. For a company limited by guarantee, registration fees are based on the number of members, ranging from HK$155 to a maximum of HK$925.

For hard copy submissions, the incorporation fee is HK$1,720, with a refundable registration fee of HK$1,425 and a non-refundable lodgment fee of HK$295. Similar to electronic submissions, registration fees for companies limited by guarantee are based on the number of members. The annual business registration fee is approximately HK$2,000, which needs to be renewed every year.

Lastly, every company must have a local company secretary, with costs varying depending on the level of service provided.